It would be so cool if we can ask Amazon what shoes should I buy, ask Siri about the cause of the delay in my cab or even request Google AI to fix my fuse. AI is expected to dramatically reshape fundamental business processes that serve faithfully in the background, enabling digitization to fully penetrate key business interactions and transactions.
Businesses today need to run at the same pace to stay in this competitive market while balancing the wavering factors like knowledge retention, sustainability, scalability, etc. To achieve the pace and agility, an enterprise requires exemplary harmony, self-governing data, content and strong management in such a way that it provides meaningful support to all the business problems. As the volume of this data keeps increasing exponentially, it becomes a little difficult to derive valuable insights from them. As a result, it affects the decision-making process.
AI is helping in creating the maximum opportunities by being a great business driver. A survey conducted by BCG (Boston Consulting Group) among 112 CIOs across multiple industries saw that Artificial Intelligence technologies could significantly improve the cost-effectiveness and performance of IT operations, allowing organizations to stimulate innovation rapidly without making any sacrifice on service, security, or stability.
AI has proved itself to be revolutionary but if we look at the other side, it leads to certain setbacks too.
Development and training go hand in hand. When you develop an AI-based product, it needs to be supported by both monetary and non-monetary factors like training. A recent failure tasted by IBM purely justifies the statement. In 2013, IBM partnered with The University of Texas MD Anderson Cancer Center and developed a new health care system called “Oncology Expert Advisor” with a mission to eradicate cancer. In July 2018, it was found that the AI was recommending erroneous treatment solutions. The technical experts suggested that the main reason behind it was the lack of training on real cancer patients.
There are several instances where the outcome of AI and machine learning proves to be biased, sexist and misogynistic. There cannot be a better case study than Amazon’s AI for recruitment to justify the statement. Amazon has developed an AI that shortlists the best 5 candidates out of the given 100 resumes. They trained their AI based on current engineering employees who were male and white. Therefore AI learned that white men are the perfect fit for engineering jobs.
AI is artificially sensed, as it does not have a brain of its own. It was witnessed in the case of our commuter partner Uber. Uber’s self-driving car was running at a speed of 61kmph and could not recognize the lady who appeared from nowhere in the dark, resulting in a crash.
In the previous couple of years, enterprises have seen many cases of AI failures. The tiniest of loopholes can lead to big problems. The product managers need to spend the maximum time testing the product.
There are two areas of artificial intelligence that are most applicable, such as Machine learning and Natural Language Processing. Machine learning is a subset of AI techniques that uses statistical methods to enable machines to improve with experiences. Whereas Natural Language Processing is a subsidiary technology of AI that understands and responds to everyday conversational language such as Alexa, Google assistant, chatbot. These artistic features are world-changing algorithms.
According to a report, It is claimed that, by 2035, Artificial Intelligence will have the power to increase productivity by 40% or more.
Enterprises who have explored the core use of artificial intelligence have reached a long way. There are a few examples that satisfy the statement pretty well.
The e-commerce giant Alibaba used Artificial intelligence and machine learning to expand its business operations all over the world. They collect the data related to the purchasing habits of the customers. With natural language processing, it automatically generates product descriptions for the site. It has also used AI algorithms to reduce traffic jams by monitoring every single vehicle in the city. Additionally, with the help of its cloud computing division called Alibaba Cloud, it is helping the farmers to monitor crops to improve yield cost-effectively. China is planning to be a dominant AI player and build an AI industry worth $1 trillion by 2030.
An AI software company, Sidetrade, has built a core AI platform known as AIMIE (Artificial Intelligence Mastering Intercompany Exchanges) that processes 230 million B2B transactions. That’s equal to around $700 billion sales and finance undertakings over the last three years. Web-crawling robots further enrich this data with 50 billion data points collected through websites, social networks, and online media sources that are relevant to the activity of 23 million European companies.
If a business looks at Artificial intelligence with the lense of business capabilities, it will wipe off 50% off their pressure. AI majorly contributes to three major areas in business: Business process automation, Customer engagement, and Insight development through data analysis.
AI can help an organization in creating new products, enhancing its features, providing a creative workspace to the employees by automating tasks, making better decisions, optimizing market operations, etc. In a survey conducted among 250 employees of a particular organization, the percentage of the contribution made by AI in an organization was found.
Every enterprise needs to analyze if they are ready for the AI revolution. To bring AI into the business mainstream, companies need to complement their technology advances with a focus on governance that drives ethics and trust. If they fail to do so, their AI efforts will fall short of expectations and lag the business results delivered by competitors that responsibly embrace machine intelligence.
The studies show that the major reason for pushback in AI technology is due to the lack of trust factor. It’s proven that AI increases efficiency but it’s important to educate the workforce before actually implementing it. The employees need to understand how to increase output and revenue using technology.
Technological uprising is getting advanced day by day, therefore it is mandatory that employees need to be educated about machine learning algorithms that can be used for data analyses. It is extremely helpful at the time of interacting with potential buyers. If your organization can utilize AI properly, it can achieve infinite goals.
As we know that AI brings a lot of benefits to the table but it also comprises several risk factors. Algorithmic bias results in such issues as unintentional sexual discrimination and racial discrimination. There will be a new risk every day that an enterprise needs to detect and provide a solution simultaneously. Therefore in such cases, human intelligence needs to take part.
In the game of “robots versus humans,” the challenges are countless. The key factor to keep in mind, however, is the potential of human and artificial intelligence to create combined systems and innovative ways of collaboration that are smarter and much more effective than either one alone. AI has some setbacks which can significantly be cured if the engineers and data scientists start focusing on the narrowest factors.